10 things you need to know today

Germany's 10-year yield turned negative. The yield
on the 10-year German Bund fell below zero for the first time in
history (yields fall when prices rise). Tuesday's drop below zero
comes amid a renewed demand for safety assets as fears of a
slowing global economy and the possibility of a British exit from
the European Union, known as Brexit, weigh on investor
confidence.

The pound is getting slammed on Brexit worries. The
British pound is lower by 0.7% at 1.4168 after a poll conducted
by ICM on behalf of The Guardian showed 53% for Leave and 47% for
Remain. Additionally, The Sun, which has the largest circulation
of any physical newspaper in British, has come out in favor of a
Brexit. It should be noted The Sun has a great track record in
general elections and has always backed the winner.

UK inflation missed. Consumer prices in Britain rose
0.3% year-over-year in May, according to the Office for National
Statistics. The May reading was unchanged from April and just shy
of the 0.4% gain that was expected. Stripping out food and energy
prices, core CPI held at 1.2% YoY.

India WPI inflation picks up. The wholesale price
index rose to 0.79% in May, up from 0.34% in April, government
data showed. The Economic Times reports that food inflation was a
big contributor to the upswing, rising to 7.88% from 4.23%. Until
last month, the reading had been in negative territory since
November 2014, The Economic Times said. The Indian rupee ended
down 0.2% at 67.2575 per dollar.

The IEA
sees an oil surplus in 2017. The International
Energy Agency says the oil market will balance out in the second
half of 2016 but will return to surplus in 2017, Reuters reports.
"At halfway in 2016, the oil market looks to be balancing; but we
must not forget that there are large volumes of shut-in
production, mainly in Nigeria and Libya, that could return to the
market, and the strong start for oil demand growth seen this year
might not be maintained," the IEA said. West Texas Intermediate
crude oil is lower by 1.4% at $48.20 a barrel.

Apple's WWDC had some big updates. Apple's Worldwide
Developers Conference took place on Monday in San Francisco. At
the conference, Apple announced that its Apple Pay and Siri
services are now available for desktops. Additionally, a major
update to iOS was introduced, which will allow for new messaging
options, emoji features, and lock screen and notification
menus. Another feature unveiled was a new artificial intelligence
for iOS that will allow the keyboard to predict what you are
going to type.

Daily fantasy sports sites DraftKings and FanDuel are talking
merger. The two companies, worth over $1 billion
each in 2015, are considering joining forces, according to
Bloomberg. The companies have seen their valuations plummet by as
much as 50% because of legal battles in numerous states. A merger
would allow the two companies to reduce the amount of money spent
on targeting one another, Bloomberg says.

Stock markets pretty much everywhere are in the
red. France's CAC (-1.4%) lags in Europe after
Australia's ASX (-2.1%) trailed in Asia. China's Shanghai
Composite (+0.3%) eked out a gain. Here in the US, S&P 500
futures are down 2.50 points at 2,076.25.

US economic data picks up. Import/export prices
and retail sales will be released at 8:30 a.m. ET before business
inventories crosses the wires at 10 a.m. ET. The US 10-year yield
is down three basis points at 1.58%.